According to CNBC, Facebook will announce its cryptocurrency later this month and employees will be able to take it as salary.
David Marcus, the former PayPal executive and now Facebook’s VP of Messaging Products, has been exploring blockchain opportunities for over 12 months resulting in the rumors that Facebook was launching a cryptocurrency, primarily for use via WhatsApp and Messenger, apps owned by the Menlo Park company.
CNBC also reveals that Facebook plans to introduce ATMs where people can buy its cryptocurreency, GlobalCoin.
As CNBC points out: “Building an easy way for Facebook’s more than 2 billion users to pay for things and exchange money between countries could help the company diversify beyond advertising, which today accounts for nearly all of its revenue. Facebook’s ad model has faced criticism from privacy advocates, lawmakers and the press for the ways it collects and uses detailed information about users.”
Another report by The Information, also claims, “Facebook is soliciting third-party organizations to act as “nodes” to help manage the cryptocurrency, and has discussed charging $10 million for the privilege.”
In May, Facebook reportedly acquired the “Libra” trademark for its secretive project. Cointelegraph says, sources familiar with the matter claimed that Facebook was recruiting financial firms to develop the coin and that the project codename is Libra. This registration was made in Switzerland rather than Facebook’s home country of the United States.